Domestic sugar prices witness uptrend of ₹50/Qntl after announcement of Monthly Sugar Quota for Sale in August 2019

ChiniMandi Mumbai: The announcement of the August month’s sugar quota took an uptrend in the market along with the dawn of the festive season. Sugar millers across the country had been striving hard to sell sugar despite record extended summer. The announced quota has improved sentiments in the market and sugar prices have improved by Rs.50-60/Qntl nationwide. Positive market sentiments have been flagging more rise in sugar prices by Rs.25-50/Qntl continued with hopes of higher demand led by firm mill tender rates. Finally sugar millers in Maharashtra are able to sell sugar at Rs.3100/Qntl effortlessly.

Millers also seem optimistic in improving their cash flow and the financial position which had been influenced by weak selling, cane arrears and monsoon conditions since the past few months.

Recently, the Government approved creation of sugar buffer stock of 40 LMT that would also enable sugar millers to maintain the demand supply balance, stabilize the prices of sugar and improve their liquidity position to clear the sugarcane arrears.

The industry is now expecting that the Government would also take up appropriate decisions quickly and swiftly for announcing the new export policy. These actions may result in continuity in positive sentiments for sugar prices supported by festival and export demand.

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